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30-04-2021, 12:55
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#1
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Registered User
Join Date: Oct 2020
Posts: 27
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California based sailor looking to finance used boat
My bank offers 7% on boat loans. The brokers I’ve talked to told me that’s way to high and I should be able to get around 2%
I tried lendingtree boat loan application but all I got was a bunchn of spam for auto loans.
Is there a reputable website where I can compare used boat loans from lenders?
California Monterey Bay Area.
The used boat is 130k and I have about half that.
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30-04-2021, 22:36
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#2
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Registered User
Join Date: Nov 2006
Location: Back in Northern California working on the Ranch
Boat: Pearson 365 Sloop and 9' Fatty Knees.
Posts: 10,471
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Re: California based sailor looking to finance used boat
Check Latitude 38. There are a couple of financing companies listed in the vendor page.
__________________
"Life is not a journey to the grave with the intention of arriving safely in a pretty and well-preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming: Wow - what a ride!"
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30-04-2021, 23:26
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#3
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Registered User
Join Date: Dec 2014
Posts: 311
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Re: California based sailor looking to finance used boat
Try Sterling Acceptance. https://www.sterlingacceptance.com/
I have no connection, but used them with a previous boat loan. Peggy Bodenreider was the associate I dealt with and she was outstanding to deal with.
2% doesn’t sound plausible though. I’m guessing slightly more than mortgage rates... so 3.5 - 4%.
Hope this helps.
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02-06-2021, 14:17
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#4
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Registered User
Join Date: Aug 2013
Location: Eastern Caribbean
Boat: Knysna 440
Posts: 73
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Re: California based sailor looking to finance used boat
Newcoast Financial Services is who I plan to contact when we are ready.
https://www.newcoast.com/
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08-06-2021, 17:19
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#5
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Registered User
Join Date: May 2021
Location: Michigan
Boat: Columbia 9.6, Hunter Cherubini 37, Jeanneau 57
Posts: 343
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Re: California based sailor looking to finance used boat
Do any of them finance older boats? 70s-80s stuff?
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08-06-2021, 21:32
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#6
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Moderator
Join Date: Nov 2011
Location: aboard, in Tasmania, Australia
Boat: Sayer 46' Solent rig sloop
Posts: 28,691
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Re: California based sailor looking to finance used boat
Don't do it, guys! Boats NEVER increase in value, unless you're in the business, and very careful about the purchases. If you can't afford yet to buy it, how are you going to pay for its marina berth, its insurance, and whatever else it has decided it wants this month?
The "hole in the water that you throw money into" definition of a boat has years of background to it.
It may not be for you.
Ann
__________________
Who scorns the calm has forgotten the storm.
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08-06-2021, 22:20
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#7
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Registered User
Join Date: Jun 2013
Location: Santa Cruz, CA
Boat: CL52
Posts: 187
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Re: California based sailor looking to finance used boat
Quote:
Originally Posted by JPA Cate
Don't do it, guys! Boats NEVER increase in value, unless you're in the business, and very careful about the purchases. If you can't afford yet to buy it, how are you going to pay for its marina berth, its insurance, and whatever else it has decided it wants this month?
The "hole in the water that you throw money into" definition of a boat has years of background to it.
It may not be for you.
Ann
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What is that supposed to mean? Financing half a boat is hardly risky behavior.
Plus you are wrong. Boats do increase in value. Ever heard of covid? That time when boats doubled in value?
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08-06-2021, 22:22
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#8
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Registered User
Join Date: Jun 2013
Location: Santa Cruz, CA
Boat: CL52
Posts: 187
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Re: California based sailor looking to finance used boat
Quote:
Originally Posted by chovy
My bank offers 7% on boat loans. The brokers I’ve talked to told me that’s way to high and I should be able to get around 2%
I tried lendingtree boat loan application but all I got was a bunchn of spam for auto loans.
Is there a reputable website where I can compare used boat loans from lenders?
California Monterey Bay Area.
The used boat is 130k and I have about half that.
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I think you may be out of luck unless you can find a boat that is less than 15 years old. That is the magic number to get the low interest boat loans.
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09-06-2021, 13:07
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#9
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Moderator
Join Date: Nov 2011
Location: aboard, in Tasmania, Australia
Boat: Sayer 46' Solent rig sloop
Posts: 28,691
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Re: California based sailor looking to finance used boat
Hi, there, Captain Bligh,
Well, perhaps you are right. But i kinda doubt it. Basing one's financial security on a small blip in a market that I've been around for the last 35 yrs. or so, just seems a bad idea to me. Clearly, your mileage may vary. Much of what I've seen since Covid 19 became a factor has more or less made my hair curl.
Ann
__________________
Who scorns the calm has forgotten the storm.
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09-06-2021, 13:23
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#10
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Registered User
Join Date: Aug 2017
Location: San Diego, CA
Boat: 1987 Pearson 39-2
Posts: 126
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Re: California based sailor looking to finance used boat
BoatUS and Essex Credit tend to be fairly good. NavyFed and USAA are often even better, if you are eligible to be a member.
Age of boat will make a bigger difference than the actual amount. The math may also work to sign up for a larger loan, especially if you commit to paying it off early.
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14-06-2021, 11:15
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#11
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Registered User
Join Date: Oct 2020
Posts: 9
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Re: California based sailor looking to finance used boat
Following. I'm guessing you're in the same boat as me with a solid income and the brains to do the math to make it happen. So many people repeat the same thing: Don't wait, do it now while you still can, make the dream happen, ignore the (few) nay sayers. So I'll also encourage you and hope to see you out there sooner than later.
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14-06-2021, 16:53
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#12
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Registered User
Join Date: Jun 2013
Location: Santa Cruz, CA
Boat: CL52
Posts: 187
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Re: California based sailor looking to finance used boat
Quote:
Originally Posted by JPA Cate
Hi, there, Captain Bligh,
Well, perhaps you are right. But i kinda doubt it. Basing one's financial security on a small blip in a market that I've been around for the last 35 yrs. or so, just seems a bad idea to me. Clearly, your mileage may vary. Much of what I've seen since Covid 19 became a factor has more or less made my hair curl.
Ann
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Many finance their boat at below 4% and use the equity they otherwise wouldn't have to earn 8 to 11 percent elsewhere.
Other just dont have that money and its a better idea to finance rather than not boat or buy something that does not fit their needs.
There are lots of good reasons to finance a boat rather than outright pay for it.
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